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Updated FCRA Summary of Rights Notice 

Last year, the Consumer Financial Protection Bureau (CFPB) issued a final rule which, among other things, updates their Summary of Your Rights Under the Fair Credit Reporting Act (FCRA) and replaces the 2018 version. The summary details the major rights guaranteed under the Act. For instance, employers that use a credit report to deny employment must provide the applicant with the name, address, and phone number of the agency that provided the credit report information. The mandatory compliance deadline is March 20, 2024.  

The CFPB’s update primarily focuses on correcting errors and modernizing references in the document including updated contact information for federal agencies and reflects the current website addresses for credit reporting companies and revised terminology to correct outdated terms such as “Federal Land Banks.” 

Next Steps 

To comply with the FCRA, employers must ensure the updated version of the Summary of Rights is used in relevant situations, such as when issuing adverse action notices. By March 20, 2024, employers should update all procedures, forms, and systems to include the revised Summary of Your Rights and notify employees involved in the hiring process about the update. 

The updated version of the Summary of Rights is available in both English and Spanish and can be downloaded from the CFPB website

HR Works, headquartered in Upstate New York, is a human resource management outsourcing and consulting firm serving clients throughout the United States for over thirty years. HR Works provides scalable strategic human resource management and consulting services, including: affirmative action programs; benefits administration outsourcing; HRIS self-service technology; full-time, part-time and interim on-site HR managers; HR audits; legally reviewed employee handbooks and supervisor manuals; talent management and recruiting services; and training of managers and HR professionals.